CIO Network: Meg Whitman On HP Turnaround

1/15/2013 1:07PM

Hewlett-Packard CEO Meg Whitman answers questions at the CIO Network about HP's fifty percent drop in stock price and how she plans to turn it around. She also talks about the company's purchase of Autonomy.

This transcript has been automatically generated and may not be 100% accurate.

... I ... I walked into the new stand in the two magazines one was the Harvard business review ... that the cover story is ... the ... one hundred best global CEOs of all time ... when the universe or something like that and you were never dined on that list ... largely for what you did in the Bay ... and the odds are ... not far away from it was the can Meg Whitman stoppage Hewlett-Packard freefall night was the word they use for ... fifty percent drop in the value the company ... since you were out for the square those two things ... well I mean there were in a completely different talent it's right we built the bay from the start of two grown up like Andy did over thirty people for million in revenues ... when I left their way to keep billion in revenues of fifteen thousand people ... aam ... and age he obviously is a global business with three hundred thousand people a hundred twenty billion in revenues ... and a company that I'm you know has had ... control op when I got there ... I will tell you we are making real progress we have walked down on a strategy that I think is incredibly relevant to the changing nature of ITN the challenges that everyone in this river basins ... and we've got ... great people in the right job after a time ... and you can actually see at ... Anfield you can see it inside from the outside though what you see is a fifth to a free fall ... fifty percent drop in and out going and I didn't usually lacks the reality in these turnarounds ... aam and the narrative of the company of St Ostale ranks ... aam but in me and this is all going to be about results ... and so when we deliver the results ... you know when we have products on our hands markets which have been we've got some incredible prodding companies like ours come back on the basis of great products great services that topped the top really tough problems ... then the narrative will change ... and that will help Hewlett-Packard ... but we have to be patient and I have you know I think laid out a pretty clear and transparent view of the turnaround ... and how to get there from Europe who wanted the questions that I think people are still asking that still looking for some clarity on is what happened with out on the week ... of ... big purchase almost eleven billion dollars in an almost immediately breakdown by eighteen eighty five percent ... now you weren't CEO at the time of purchase but you were on the board out the timing of purchase approved the purchase I mean did you just miss and eighty five percent ... Olam company your eye something like that kept him so you know this and aam I'd I still think Big Data analytics meaning based compute is part of one of the big shifts in our industry ... where there is increasing day that a lot of unstructured data along with structured data and that that we all have to make sense out we have to make sense of it in HP am sure you do it your company it's ... so the notion of the supposition that was actually correct ... aam and we relied on audited financial statements as I think I said right after announcement ... E-mail The auditor for aam on time it's not exactly brand Exxon Toder ... and did you ever dreamed that you know be financials would not represent the truth ... the company you had people doing don't due diligence at the time of the merger for them ... absolutely but we didn't even go in and questioned Deloitte ... and say you don't hear you you appropriately GOP ally counting for the revenues and operating profits and what it's it's a more broadly about ... corporate governance I mean if you can't find if aboard can't find an eighty five percent for another one that in the air talent my view ... is that with the country turned out to be smaller ... slower growth and a somewhat less profitable than we anticipated ... we're still investing on top of religious massive timber high fifty more engine years in the meeting meaning based compute side of this ... and we paid too much no question about it ... but ... I think is very hard for um you know of any kind of corporate governance to find I'm you know mistakes and aam you know how great misrepresentations that a full-time auditor of the stature of Deloitte didn't catch an avid that's an unrealistic expectation for a fourth ... but you know with and what I ... might view it as ... you know what I cannot change the past I can change the future ... and so I am all about forward-looking of Hewlett-Packard which is you know we can settle on time whatever the shadow wishing things have happened to this company ... they have been so let's go for it and build back our technology leadership them are our products and services ... that can go back this company and how much patients are you going to need from investors when you get out of Opel ... well I was very clear about the turnaround aam one of things that happen I think is so important I will tell you in some ways I'm Arkansas governor's campaign ... aam we use which is transparency of communication ... say what you need me what you say and deliver ... along the lines that you say you with the lever ... and dot unit so we laid out date a turnaround that last year we characterized as a figure out what was wrong ... new Iraq ... and then lay lay the foundation to turn at ... this year's fix and rebuild introducing as I said ... you know whether it be art meet your three part story a chore and networking products ... or are in a new aam devices that will accept this whole new style of ITT ... aam and then ... you'll start to see I think the sales project return at the end of this year the beginning of next ... and I said that to get HP running the way I wanted to be running the sentiment again and think this is the five-year term ... it will be milestones along the way obvious in you have to get